U.S. energy technology company Baker Hughes has made a strategic investment in European clean energy technology manufacturer Elcogen.
Combined with an equity investment from Hydrogen One Capital Growth, HD Hyundai and Mirae, as well as project grants from the European Commission, including an IPCEI project, totalling more than €24 million, and a proposed debt of €15 million, Elcogen said it had raised more than €140 million for the development and scaling of its solid oxide technology.
Following this investment, Elcogen and Baker Hughes intend to collaborate on green hydrogen production solutions based on Elcogen’s solid oxide electrolyzer cell (SOEC) technology, Elcogen revealed, adding that the funds will be used to expand Elcogen’s manufacturing capacity as the company continues to build its new factory facility in Tallinn, Estonia, with a manufacturing capacity of up to 360 MW.
Chris Nash, Chairman of Elcogen, commented: “We are delighted to welcome Baker Hughes as a strategic shareholder. I believe this is a significant vote of confidence in our technology from a leading energy technology company. We look forward to building on this relationship as we continue working together.”
Enn Õunpuu, CEO of Elcogen, noted: “There is a huge amount of pressure for heavy industries to decarbonise and meet net-zero targets. We are very pleased that Baker Hughes has invested in Elcogen, recognising the role our proprietary Solid Oxide technology has in supporting the energy transition.”
Alessandro Bresciani, Senior Vice President of Climate Technology Solutions, Baker Hughes, stated: “Today’s announcement underscores our strategy in collaborating to build out solutions that can enable the decarbonization of the energy ecosystem and marks another significant milestone in our journey to continue to expand our portfolio across the hydrogen value chain.”